BTS killer apps. [Available today] - The decentralised binary option market

[morpheus]

Here is how to take bitshares mainstream:



A dedicated binary options platform would be a great opportunity for an FBA (or worker proposal or combination of the two).  This should function more or less as a separate business funded by an FBA, with revenue generated from referral fees.  50% of the revenue dispersed to shareholders and 50% going back into the business for the following:
1.    Ongoing development and maintenance
2.   Marketing – google ads?
3.   Tech support
4.   Overhead
5.   Other – whatever I am missing

Obviously this would be quite expensive but IMO would be the ticket to mainstream adoption… this combined with a smartcoin lending market.

[alt]

seems still a big trouble
I tend to my initial idea now,
if event no happen, change price from 1 to 0.5
next round, if it not happen, change price from 0.5 to 0.25
....
based this rule, if a loser ask for settlement , he still can get value 0.5
if he didn't ask for settlement, in next round, even he win, he only got value 0.5, if lost agian, he only got 0.25, so it's very stupid if he didn't ask for settlement.

if all users have settlement completely, the price can reset to 1 again.

[tonyk]

I assume you can control all aspect of private smart coin, can you? collateral/margin call ratio; market without feeds; disable stealth are needed for this.

Is there a flag - "cannot be used as collateral" or something?  Couse some smart ass will create another asset and put those smartcoins used as PM coins in collateral.

good point
there is a flag to disable for stealth: disable_confidential
I have no idea about how to abandon put it in collateral

I do not know how white-listing works. It could help if non-whitelisted applies to all objects that can hold assets, not just account accounts. I mean if it is not in the whitelisted list specifically  (1.2.1090, 1.2.1091) it cannot hold the asset.

[alt]

I assume you can control all aspect of private smart coin, can you? collateral/margin call ratio; market without feeds; disable stealth are needed for this.

Is there a flag - "cannot be used as collateral" or something?  Couse some smart ass will create another asset and put those smartcoins used as PM coins in collateral.

good point
there is a flag to disable for stealth: disable_confidential
I have no idea about how to abandon put it in collateral
and another situation is how to handle it when it's been  putted  in a order book

[tonyk]

I have not test with predition asset,

I test predition function with a normal smart asset.
I give the asset several flag as intial:
1) force settlement delay: 0
2) maximum force settlement volume 0%
people can ask for settlement at anytime, but it will not execute because of the volume limit is 0

after got the result,  I set the correct feed price, then change maximum force setttlement volume to 100%
then all settlement request execute at the final price.

when I begin next round prediction, I change maximum force settlement volume to 0% again.

I assume you can control all aspect of private smart coin, can you? collateral/margin call ratio; market without feeds; disable stealth are needed for this.

Is there a flag - "cannot be used as collateral" or something?  Couse some smart ass will create another asset and put those smartcoins used as PM coins in collateral.

[alt]

I have not test with predition asset,

I test predition function with a normal smart asset.
I give the asset several flag as intial:
1) force settlement delay: 0
2) maximum force settlement volume 0%
people can ask for settlement at anytime, but it will not execute because of the volume limit is 0

after got the result,  I set the correct feed price, then change maximum force setttlement volume to 100%
then all settlement request execute at the final price.

when I begin next round prediction, I change maximum force settlement volume to 0% again.

[xeroc]

https://github.com/cryptonomex/graphene/issues/546

[alt]

I have test op override_transfer, it looks worked, so the token can be reused now.
we need a script to withdraw all assets still not been settled, settle for users,  return left money to users.
seems so wonderful

I am thinking if the issuer have permision to transfer the asset from anybody,
why don't just give the issuer another permision, settle asset for anybody directly?

[morpheus]

Interesting Idea.

Looks like it has some potential too. Just 6 hours there was this article...

http://www.financemagnates.com/cryptocurrency/interview/ids-b2b-ceo-talks-pent-up-demand-for-bitcoin-binary-options/

IDS Option was created on 29 June 2015 and started offering Bitcoin binary option service to customers on 1 October of the same year, with 32000 members now.The average number of orders per day is keeping at 500-700 which is leading the market

The IDS B2B CEO explained that the bitcoin binary options platform... is expected to reach $5 million in assets by the end of the year.

https://idsoption.com/welcome

Yes and this is a centralized service also.  What we are lacking is a fancy smooth interface.  Great idea for a worker proposal or FBA.

A quick google search for 'bitcoin binary options' reveals several sites, non of which are truly decentralized, so not competition.

http://secondstrade.com/
https://btclevels.com/
http://btcoracle.com/

Nadex is probably the benchmark fiat platform for binary options, so not competition either, but the user experience is probably top notch.  Auger would be the only real decentralized competition and it looks like formidable competition at that. 

Creating a nadex-style user experience with a bitshares backend looks like it would be a lot of work, but could be the ticket to mainstream adoption.

[tonyk]

Also I get the feeling that if we forcefully remove the asset from our customers that don't settle and settle for them there would not be a huge demand for my service.  We are going for decentralized aren't we. 

Even if the asset issuer can exercise this control over the asset I don't think they should, and I don’t think we should advertise it.

I see no problem at all. When you buy you understand that your winning trades will be automatically paid to you 24h after the expiration date. Same goes for your now worth 0 ones - the useless tokens will be cleared from your account . BTW this applies to longs only, the global settlement does this job for the shorts automatically (I believe).
I also think it might be good (or needed* depending on the BTS implementation/protocol) to sign that transaction(to be paid) as well when entering your order.

PS
* from alt's statement it seems it is not needed!. So a line in the description will do. Some thing like "Your trade will be auto settled for you in 24 h after expiration, by the asset creator." will suffice.

[Shentist]

Don't we need a way to undo the global_settle?

Also I get the feeling that if we forcefully remove the asset from our customers that don't settle and settle for them there would not be a huge demand for my service.  We are going for decentralized aren't we. 

Even if the asset issuer can exercise this control over the asset I don't think they should, and I don’t think we should advertise it.

if this is a market you already know, that the issuer will force settle you, it should be ok. we should have many options, so many parallel experiments could be run. in the end we will hit something useful and the user will come

[Empirical1.2]

  Interesting Idea.

Looks like it has some potential too. Just 6 hours there was this article...

http://www.financemagnates.com/cryptocurrency/interview/ids-b2b-ceo-talks-pent-up-demand-for-bitcoin-binary-options/

IDS Option was created on 29 June 2015 and started offering Bitcoin binary option service to customers on 1 October of the same year, with 32000 members now.The average number of orders per day is keeping at 500-700 which is leading the market

The IDS B2B CEO explained that the bitcoin binary options platform... is expected to reach $5 million in assets by the end of the year.

https://idsoption.com/welcome

[xeroc]

I checked the PMs today and figured out that you cannot borrow assets if there is a settlement price.
This is the bug report for it: https://github.com/cryptonomex/graphene/issues/546

[puppies]

Don't we need a way to undo the global_settle?

Also I get the feeling that if we forcefully remove the asset from our customers that don't settle and settle for them there would not be a huge demand for my service.  We are going for decentralized aren't we. 

Even if the asset issuer can exercise this control over the asset I don't think they should, and I don’t think we should advertise it.

[alt]

I have test op override_transfer, it looks worked, so the token can be reused now.
we need a script to withdraw all assets still not been settled, settle for users,  return left money to users.
seems so wonderful